No one wants to cut spending. You know why? It’s just no fun man…
Right now the politicians think they have an unlimited credit card and that as Dick Cheney once asserted, deficits (and the debt) don’t matter.
Horse pucky. Deficits matter. Debt matters.
But the GOP wants to spend because the voters, for the most part, want them to spend. But what happens when interest rates start to really creep up again? You got it, more and more tax dollars going to finance the debt. And it could get quite nasty.
Sadly this game will likely go until it physically can’t.
Historically, it has also been an opportunity to discuss the sorry state of America’s entitlements and the unsustainable trajectory of the national debt. Like those plans for interplanetary travel and for spreading democracy at the point of a Tomahawk missile, these annual promises to address the country’s debt are not meant to be taken completely seriously. Still, it’s an important box to check—an indication that, yes, the president is aware of America’s long-term fiscal crisis, and an acknowledgment that someone, someday, ought to do something about it.
President Donald Trump skipped that box in his first official State of the Union address. He did not once utter the words “debt” or “entitlement.” The only mention of “deficit” came in reference to America’s supposed “infrastructure deficit”—in other words, it came in a call for even more government spending. Trump did reference the “sequester,” a colloquial name for the 2013 budget act instituting limited cuts in discretionary spending, but only long enough to call it “dangerous” and to ask for Congress to repeal it so more tax money can be shoveled into the Pentagon.